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When a person employs another person to do any act for himself or to represent him in dealing with third persons, it is called a ‘Contract of Agency’. The person who is so represented is called the ‘principal’ and the representative so employed is called the ‘agent (Sec. 182).
In an agency, there exists two contracts i.e. The first contract created between the principal and the agent from which the agent is delegated the authority to act for and on behalf of the principal, and. The second contract is the one made between the principal and the third party through the work of the agent.
AGENCY AGREEMENT PARTIES - This Agency Agreement (hereinafter referred to as the “Agreement”) is entered into on _____ (the “Effective Date”), by and between _____, with an address of _____, (hereinafter referred to as the “Principal”) and
A Specimen of an Agency Contract. The following specimen may serve as a model for drafting agency contracts, which may be adopted according to the requirements of each case.
Download PDF. Free Agency Agreement Template for Download. We’ve worked with lawyers and professional proofreaders to develop a simple agency agreement template (Word and PDF) for you to use as you scale your operations. What’s in this template? • List of services provided. • Scope of authority. • Compensation terms.
An Agency Agreement is a legal contract between two parties: the principal and the agent. The principal authorizes the agent to perform services or activities on their behalf, essentially giving the agent the legal power to act on their part within the defined scope.
Dec 25, 2020 · Contract of agency under Indian Contract Act can be express or implied. Chapter X of the Indian Contract Act, 1872 deals with the laws relating to Agency. It is important to know the law relating to agency because nearly all business transactions worldwide are carried out through agency.
Mar 19, 2020 · Essentials: Contract of Agency. The Special Contract of Agency has been defined under Chapter 10 (section 182-238) of the Indian Contract Act, 1872; where beyond the general essentials (section 10) provided for a contract, the Act also lays down certain specific principles and essentials for the Special Contract of Agency. The major essentials ...
The Indian Contract Act, 1872 Chapter X Sec 182-238. Meaning Of Contract of Agency: The law of agency I based on the following general rules: e.g. the principal cannot ask his agent to beco. What person does by another, he does by himself. Thus, the acts of the agent are the acts of the principal. Agent ( sec 182)
SURBHI WADHWA. Assistant Professor (Law) Jiwaji University, Gwalior. Creation of Agency. A contract of agency may arise like any other contract, expressly or impliedly. The essential elements of a valid contract are also necessary for the contract of agency.
